Historic Storefront With Rear
For Sale
$59,000
1318 2nd St, Perry, IA 50220
Registered historic property with retail, office, and restroom areas plus rear-lot access.
Property Size504 SF
Price / SF$117.06
Days on Market49
Property Features for 1318 2nd St
General Information
Standard status
Active
Size
504 SF
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$478
Listing Agency:
Platinum Realty LLC
(515) 360-0653
Listed By:
Nancy Wilson
(515) 360-0653
Source:
Exprealty
Added: Jun 24
Changed: Aug 10
Last Checked: Aug 10 at 3:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Platinum Realty LLC
Investment Insights
Based on property information with market context.
This registered historic storefront contains 504 square feet arranged for flexible commercial use. The interior includes a primary retail or office area, two additional office rooms, and a restroom, creating a compact layout for a range of storefront-oriented operations.
The property is located at 1318 2nd St in downtown Perry, on the city’s main business street. An oversized rear lot extends the usable area beyond the building and includes alley access, supporting parking, outdoor activities, expansion, or future development considerations.
The property is located at 1318 2nd St in downtown Perry, on the city’s main business street. An oversized rear lot extends the usable area beyond the building and includes alley access, supporting parking, outdoor activities, expansion, or future development considerations.
Key Highlights
- 504‑square‑foot registered historic commercial property
- Primary retail or office area plus two additional office rooms
- Restroom included within the building layout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$5,123
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$102,460
$102.5K
Cap Rate 7%
$73,186
$73.2K
Cap Rate 9%
$56,922
$56.9K
Market Conditions
NOI Build-Up for 504 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$7.6K $15.00/SF
− Vacancy
−$242 −$0.48/SF
EGI
$7.3K $14.52/SF
− OpEx
−$2.2K −$4.36/SF
NOI
$5.1K $10.16/SF
Area
Dallas County, IA
Vacancy
3.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$102,460
Cap Rate 7%
$73,186
Cap Rate 9%
$56,922
Alternative Uses
Best Use
Office B
$94.9K
$83.0K – $110.7K
NOI $6,641 @ 7.0% cap · market cap 11.26%
Second Best
Retail
$73.2K
$64.0K – $85.4K
NOI $5,123 @ 7.0% cap · market cap 8.68%
Theoretical Best
Flex RnD
$485.2K
$424.5K – $566.0K
NOI $33,962 @ 7.0% cap · market cap 57.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50220, IA
9,045
Population
3,925
Households
2.3
Avg Household Size
37
Median Age
17%
College-Educated
87%
High-School Grad
100.5 sq mi
ZIP Area
90
Density / Sq Mi
$68,750
Median Household Income
$38,195
Median Earnings
$883
Median Rent
$146,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Registered historic property with retail, office, and restroom areas plus rear-lot access.
Where is this storefront property located?
The property is located at 1318 2nd St Perry, IA.
What is the asking price?
The asking price for this property is $59,000.
What are key features of this property?
This property features: 504‑square‑foot registered historic commercial property; Primary retail or office area plus two additional office rooms; Restroom included within the building layout
